Virtual Banking: Mobile Phone Becomes A Personal Banking Assistant In Rural China

Since 2008, Taisys had been enabling Slim SIM banking services with local banks in China, especially in the rural areas where inadequate financial resources are provided. With Taisys Slim SIM technologies, the banks have successfully built up the highly secured “virtual banking network” to their customers providing secured access to financial services, replacing the investment in traditional infrastructures.

F-Road Shanghai, affiliated to Taisys and a JV with IFC*, provides the “virtual banking network” to its member banks by connecting the banking system to all MNOs in China, together with the Slim SIM as the secure elements. Up to date, more than 1,100 banks in China have been deploying  the secure and convenient services using Taisys slim SIM technology, including state owned Agriculture Bank of China and nation-wide Postal Saving Banks of China.  In Sept. 2014, the monthly transaction figures*reaches 28.36 billion USD, 28% growth rate to the precious month. The fast and reliable services provided by banks and trusted by consumers make “Virtual Banking” no longer a dream. The Slim SIM enables digital signature and encryption over SMS and data network to provide unprecedented security to the banking service, making a regular mobile phone becomes the personal banking assistant.

Secure Element that provides ownership of customers

CEO of Taisys, Jason Ho expresses, “The Slim SIM is the only secure element that strictly complies with ETSI/3GPP standards for the banks to deploy virtual banking with ownership of customers. As a GSMA associate member, we are dedicated in improving the technology evolution in order to include none-telco parties such as banks to serve their customers better in the mobile society. We are pleased to present the scale of the transaction size that is secured by our technology.”

RuralReporters.com is a news platform with in-depth coverage of under-reported issues in rural communities in Nigeria and across Africa. We report on Agriculture, Health, Women and generally on Rural Development. To pitch a story idea or submit a report, please email: editor@ruralreporters.com

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